The Global Significance of Bitcoin Mining and Why the US Should Embrace It

Bitcoin mining has emerged as a significant industry in recent years, with a major impact on the global economy. However, the United States has been slow to embrace this nascent industry, citing concerns about its energy consumption and environmental impact. This stance risks weakening the US as a leader in global business and could result in the loss of economic power and influence to other countries that are more welcoming to this industry.

As countries continue to embrace Bitcoin mining, the US risks being left behind, resulting in a weakened position as a leader in global business. Out of sight, out of mind is not a viable solution, and it is imperative that US regulators change their stance on this industry to ensure that the country remains competitive and relevant in the global economy.

Bitcoin mining provides a unique opportunity for individuals to participate in a global network that operates outside the control of governments and traditional financial institutions. It aligns with the principles of freedom and independence that are at the core of American values. By embracing this industry, the US can stay true to these values while also reaping the benefits of new job creation and economic growth.

My own story is tantamount to the positive effect that this industry has had on everyday people like you  and me. I’ve always wanted to start my own business, but could never quite come up with the right idea. Watching Shark Tank religiously I’d always tell myself “I should have thought of something like that.” Until the dream scenario happened. It occurred to me that my passion for cryptocurrency mining could actually become my full time job after I realized that I had done the improbable. I had cultivated relationships with trusted hardware suppliers and that others were struggling tremendously to source their own equipment from reliable vendors at fair prices. Just like that, Badgerland Home Crypto Mining was born.  The first ten months were a grind.  Working 8-9 hours at my day job and then another five or more hours at night.  Once Badgerland had grown to a point that it was nearly impossible to maintain both jobs, I decided to follow my passion for the first time in my life and started full time in crypto mining.”

Another example is my colleague for whom this technology has been life changing.  Back in 2016, he started out in the crypto space as a GPU miner. He has always enjoyed tinkering with GPUs and realizing that he could put that skill into use to actually make money was fascinating to him. Once he entered the ecosystem, he realized that there was so much more to this revolutionary technology that had the ability to change our lives and take our use of the internet to the next level. His colleague realized that this technology allowed human beings to self custody their wealth while enabling instant global transactions. In 2018, he started working with a company that was based in the US and the only way that they were able to pay his salary was through crypto. Eventually he founded his own company along with his partner who was based in the US. They had not seen each other for years due to COVID travel restrictions although they had done millions in business via crypto. They amassed a global team that were doing international business and their only means of remuneration was through crypto due to current banking regulations.  

Which news organization comes to mind when reading these statements?

  • Single sided reporting
  • Cherry picking facts to make a story fit their agenda
  • Shielding the data at the center of your story from being independently reviewed

Nope.  Not Fox News.  The New York Times’ recent article, The Real-World Costs of the Digital Race for Bitcoin, is the most recent attack on bitcoin mining in the US and does so in a way that misleads readers by omitting information that goes against the bitcoin mining narrative they are trying to paint.  The Times’ agenda is clear.  Bitcoin mining uses a lot of electricity so it must be bad for the environment.  The case they laid out is circumstantial at best.  Relying heavily on simulation data that wasn’t made available to show the predicted CO2 emissions from bitcoin mining.  They also delve into an argument that surrounding communities suffer increased energy prices because of mining farms despite the increases being in line or lower than nationwide energy rate increases.  A crucial detail that provides much needed context for their claim.  A world class news organization should be better.  Not even attempting to present the other side of a story is bad journalism and an attempt to mislead the public about a burgeoning industry that could do great things for our country and the world.

Bitcoin’s decentralized nature can have important geopolitical implications. It is a currency that operates outside the traditional banking system, making it an attractive option for countries looking to “bank the unbanked.” By supporting this industry, the US can play a significant role in shaping the global financial landscape, ensuring that its interests are protected in an increasingly interconnected world.

While concerns about the environmental impact of mining have been raised, it is worth noting that much of the mining activity in the US today is powered by renewable energy sources, such as hydroelectric power. According to the Bitcoin Mining Council’s 2022 report, 59.5% of the total bitcoin mining global energy comes from renewable sources. Moreover, the development of new, more energy-efficient mining hardware is helping to address this issue.

The US must embrace the Bitcoin mining industry to remain a leader in global business and uphold its values of freedom and independence. It provides a unique opportunity for economic growth and job creation while also having important geopolitical implications. The US must stop making destructive moves that make itself insular to the world and instead welcome this industry to ensure its continued relevance and competitiveness in the global economy.

The Global Significance of Bitcoin Mining and Why the US Should Embrace It

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